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I have a property which would suit an elderly person which I have purchased on a BTL
It would also suit a special needs tenant
I was thinking of contacting the local council about renting my property as a special needs property
Would this be a way of obtaining a greater yield?Any thoughts much appreciated.
There have been several threads on here about landlords that have been caught out by councils offloading tenants onto unsuspecting landlords, even when it's been guaranteed a case manager etc. is in place.
Do you trust your council?
Good point council's are like politicians
I'm not saying don't do it, as it could be a good niche. But unless you get everything in writing, I wouldn't go down that route after reading what I read on here.
Personally I wouldn't touch the Council with a bargepole, without considerable clarity about support services, rent sufficient to mitigate risks etc. But that is just my attitude to Councils.
For that, if I was after older tenants, I would be looking ideally for a couple (2 incomes / pensions), perhaps with grand kids at a local school which can be reached by a short, safe route, and family locally (to help with crises before you get hoicked in).
It might be eg kids in a local preschool which goes up to Junior - which would give 7-8 years.
I would renovate such that they would stay (eg EPC C), and hope to be able to leave it alone throughout.
If they had a dog I would allow it, and in that case ideally let them have a free fortnight to decorate if renovating (so that they get what they want and dog damage at the end if any is to their decoration -> no disputes).
I would advertise by gossing at the school gate or to teachers, in the window, and potentially in the PTA newsletter.
But this is sucking eggs for Bungalow Bob.
Thanks Midlands Landlord
I went for the older Tennant fitting the following criterea
over 55, no smokers,no children, pets negotiable ie small dog
I got an agent to advertise on rightmove for a tennant finding fee only, I ended up letting the property in 2 days to a single pensioner
I have gone for making my property to a good standard and providing a good landlord service and keeping property in tip top condition, hopefully this works in obtaining the longterm tennant
Its worth a try and its a nice thought if you are socially minded as well as business minded
Over the years I have rented to various disparate individuals with a variety of special needs ranging from them coming to me from psychiatric hospitals , prison , ymca, hostels, women refuges, probation services, social services, women and baby units etc . They all have in tow a support worker of some sort whose job it is to help them overcome the hurdles in life one of which is obtaining accommodation. Some support workers are great some are more of a hindrance as they are either inexperienced themselves or overloaded with work. They crucially though also have access to lots of different and extra funding pots which they can tap into in addition to councils homelessness pots .
So its worth a shot but more intensive work initially and closer management during the tenancy .
The way i look at it is yes i can get an extra £100 pcm sometimes
I price my time at £100 per hour . It may take 2 hrs extra work to arrange
So 1st year I make £1000 for 2 hrs work and you get to feel good about helping someone out
Jonathan Clarke. http://www.buytoletmk.com
Thanks for the reply Jonathan
As you state its there with a bit of research
Im of thinking aiming for the disabled in time or if the elderly works ill stick with that
I suppose the baby boomers will soon be in the over 55s